The CityScape Gamble
CityScape. For most cities of its size, this downtown development would be considered modest, especially with its first phase, which will apparently comprise a 27-story office tower and a retail arcade. For Phoenix, it's a big deal, especially for downtown and the central city. It could provide some answers as to "what next?" in the nation's fifth (for now) most populous city. Unfortunately the odds are long.
When the project was first hyped in the mid-2000s, it was supposed to be a game-changer, with iconic, soaring towers that included offices, hotel and 1,000 condo units. It took over the dismal Patriot's Square, which had been created by tearing down a block of historic, irreplaceable buildings, as well as adjoining vacant lots, which also once held viable commercial structures. Yet when the real renderings came out, the buildings looked very conventional and short (yeah, yeah, FAA…ask San Diego, Boston, etc.). The retail was inward-facing, risking another Arizona Center mistake. When the economy collapsed, even these modest plans were heavily cut back. An anchor tenant, Wachovia, died in the merger with Wells Fargo. The lack of inspiring architecture, a lively streetscape and pleasing spaces is no small thing.
This is a bad time to be bringing new office and retail space on the market, whether you're in thriving downtown Seattle or in a Phoenix which has faced special, self-inflicted wounds to its old core. The commercial real-estate bubble remains a danger. Still, RED Development has stuck with the more modest first phase and continues to roll out announcements of new restaurants, a comedy club and, importantly, a pharmacy. On the other hand, Eddie Basha, in bankruptcy reorganization, couldn't fulfill his desire to locate a grocery there,